E-Financial
Government Shutdown Still Hurts US Market-ForeTime
Data in the US got off to a weak start last week, with the Retail Sales figures for September disappointing expectations of a 0.2% rise, having fallen by 0.1%.
The poor figure was somewhat vindicated by the fact that sales dropped only in the auto sector, which weighed on the overall percentage for retail sales as a whole.
Whilst this is still bad news for the US, other sectors outside the auto sector fared relatively well and core sales rose by 0.4% as expected. Consumer Confidence experienced a drastic fall in October, sliding to 71.2 points; despite the fact that forecasts told of a fall, it was estimated that the drop would be from 79.7 to 75 points. The actual figure marked a 6 month low and revealed that Americans were significantly disconcerted in October due to the 16 day government shutdown, as reported by ForexTime.
Employment data also suffered last week, with data released on October 31st showing a gain of just 130K in October, the lowest figure since
May and lower than the anticipated 151K. Jobless claims are finally beginning to be more accurate again, as the backlog created due to a glitch in systems in California in September is finally starting to clear. Jobless claims declined to 340K, much in line with expectations.
The result of the Fed meeting which took place on October 31st was none other than the predicted: the monetary policy was left unchanged and bond buying will remain at $85 billion per month.
The Fed expects to see a more substantial improvement in the economy before modifying the pace of bond purchases.
The current week will reveal the US Annualized GDP which is to be released on November 7th and predicted to rise by 2.0%, the Personal Consumption Expenditures released on the same day and predicted to rise by 0.8% and the Nonfarm Payrolls for October, due out on November 18th and estimated at 130K.
Trouble seems to have arrived in the eurozone’s ace of spades, Germany, with the unemployment change released at 2K for October, double the estimated 1K, making for a total of 2.97 million of the population unemployed. This is the third consecutive month that the German unemployment rate has increased and it clearly spells out a slowdown in the eurozone’s strongest economy.
Further dampening spirits was the eurozone Core Inflation which hit a four year low of 0.7% in October, dropping from September’s 1.1% and remaining substantially below the ECB’s 2% target.
The Core CPI for the eurozone also declined in October, rising by just 0.8% in comparison to September’s 1%.
The euro suffered following the announcement of the negative chain of news last week, trading at 1.3676. On November 7th, the ECB will announce its interest rate decision which is largely expected to stay unchanged, but will also at the same time likely attempt to deliver the message that it will not hesitate to take action to alleviate monetary conditions.
The eurozone is far from safe when it comes to financial difficulties and if ECB President Mario Draghi allows his concern to show during the ECB Press Conference on the 7th, the euro is likely to plunge again.
On the British front, last week seems to have ended on a high, with more and more mortgage approvals adding up to make for a 5 year high of 66,735, indicating a strong economic recovery through the housing sector. The end of the month came with the release of the Gfk Consumer Confidence for September which has continued in its gradual improvement, up to -8 points following on from August’s 5 year high of -10. Nationwide housing prices also skyrocketed according to data released on October 31st, rising by 5.8% and marking a 3 year high whilst acting as a central factor in boosting the UK’s economic recovery.
The most important releases to look out for this week in the UK include the GDP Estimate on November 6th, the Asset Purchase Facility on November 7th which is predicted to stay at £375B and the Bank of England Interest Rate Decision which is expected to remain the same. Estimates foretell that the interest rate is not likely to be raised until 2015 because despite the fact that the UK economy is progressing so rapidly, the unemployment rate is still not at the level desired by the Bank of England.
Japanese households surprised the economy pleasantly according to the September figures released by the Statistics Bureau on October 28th, household spending increasing by 3.7% after declining by 1.6% in August and soaring above expectations of a mere 0.5% rise. Good news followed for the rest of the week, industrial production in Japan also rising by 1.5% and the national unemployment rate declining to 4%, exactly in line with expectations.
The Nomura/ JMMA manufacturing PMI climbed to 54.2 for the month of October, indicating positive movement in the Japanese manufacturing sector. As for the Bank of Japan interest rate, it has remained unchanged at 0.1% as attempts to end the long years of deflation continue. This week, on Tuesday November 5th, the Bank of Japan Monetary Meeting Minutes will be released with comments due to on the state of the economy and the current policies.
Nigeria Deposit Insurance Corporation (NDIC) has urged youths to shun investment scams and embrace the habit of saving.
NDIC said that for a nation to be prosperous, its citizens must learn to build legitimate wealth through savings and then advance to investment.
Mr Adegbenga Fagbuyi, assistant director, Communication and Corporate Affairs, NDIC, made the remarks while addressing students of Lagelu Grammar School, Ibadan, during the 2026 Financial Literacy Day.
Delivering his speech on “Smart Money,” Fagbuyi highlighted the importance of having basic knowledge of the financial system, making sound financial decisions, understanding the benefits of saving in banks, setting financial goals, maintaining financial discipline, and avoiding Ponzi schemes that promise high returns.
Fagbuyi said youths are among the major targets of the government’s financial inclusion drive, adding that the Financial Literacy Day formed part of activities marking Global Money Week, adopted by the Bankers’ Committee in Nigeria as a platform for mentoring youths on savings and investment.
He said, “The government wants everybody to be participants in the financial sector. But how can you be a participant if you don’t know how to save? How can you be a participant if you cannot convert your savings into an investment? So, most importantly, youths are one of the major targets of the financial inclusion drive of the government.”
Fagbuyi described financial inclusion as bringing everybody into the financial safety net by encouraging participation in banking, insurance, pensions, and the capital market.
He stressed that the government does not want youths to become adults who lack knowledge of safe banking practices, insurance, and the capital market.
“Government does not want them to grow old, to become adults who do not know about savings, safe banking habits, insurance, and the capital market. That is why we go to schools to sensitise students to all these basic financial matters, particularly savings, so that our students can begin to learn to save, learn credible investment habits through which they can be making legitimate income.
“We also educate them about the deposit insurance system administered by NDIC. When you save in banks, the banks are supervised and regulated. And if eventually they fail, you will not lose your money. That is what NDIC does,” Fagbuyi said.
He revealed that the sensitisation programme, which started about 10 years ago and is organised by the Bankers’ Committee, comprising the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, and all the deposit money banks in Nigeria, has been held across states nationwide.
He said, “Minimum, every year, we go to 10 states. And we normally sensitise 200 students in each school. So this year, that means we are targeting 2,000 students.”
Fagbuyi, however, said the objective of the programme is not to cover all schools across the country but to set a standard for state governments and schools to replicate.
“But I must emphasise that the objective is not to cover all schools. It is to set a standard for state governments and for schools to replicate. You agree with me that we cannot be everywhere.
“But as a partner, as a key stakeholder in the financial inclusion drive of the federal government, we go to states to showcase what the government’s intention, so that states and schools can replicate. So it is on this note that we always urge states’ Ministries of Education, Science and Technology to replicate and expand these programmes across their respective states.”
In his address, Olusegun Olayiwola, Oyo State Commissioner for Education, Science and Technology, represented by Alhaji Lukuman Kareem, permanent secretary, Education Inspectorate, Ibadan North, commended the NDIC for selecting a school in Ibadan for the financial literacy sensitisation programme.
He noted that such initiatives must go beyond the classroom to shape young minds, adding that children cannot achieve expected outcomes unless they are properly guided.
“That’s why we significantly appreciate the efforts of the Bankers’ Committee, NDIC, the Central Bank of Nigeria, and all other members for this,” he said.
The commissioner charged the students to take the lessons seriously, noting that opportunities lost may not be easily regained. He also advised the NDIC to expand the programme to include students from neighbouring schools in future editions to maximise its impact without additional transportation costs.
Additionally, Olayiwola urged teachers to cascade the training to other students, who should in turn enlighten their siblings at home.
Nigeria Revenue Service (NRS) has set a July 31 deadline for all large taxpayers to wholly adopt the national e-invoicing and electronic fiscal system (EFS)- called digital exchange of structured invoice data between a supplier and a buyer.
This is sequel to a public notice issued by NRS on February 17, 2026 on the implementation timeline and the mandatory adoption of the national e-invoicing and EFS otherwise known as the Merchant Buyer Solution (MBS).
Zacch Adedeji, chairman, NRS, personally signed the public notice informing all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
According to a statement issued on Sunday by Dare Adekanmbi, special adviser on Media to the chairman, “NRS has already commenced compliance monitoring activities in order to assess the level of adherence to the e-invoicing mandate among large taxpayers.
“Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
“Affected taxpayers are, therefore, advised to urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
“The NRS appreciates the cooperation of taxpayers and remains committed to providing the necessary support to ensure the successful implementation of the national e-invoicing regime,” the notice said.
Large taxpayers are companies with gross turnover of N5 billion and above.
As of the first quarter of this year, over 1,000 companies had complied.
Compliance with the e-invoicing and Electronic Fiscal System covers the completion of onboarding on the NRS Merchant Buyer Solution (MBS) and successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or systems Integrators (SIs).
Others are completion of all required validation and testing activities; active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and ensuring the receipt of only compliant e-invoices with valid Invoice Reference Number (RIN) from suppliers.
Access Holdings Plc has completed the sale of a 7.44% stake in its Ghanaian subsidiary, a move believe is tied to a Central Bank of Nigeria (CBN) rule capping how much local banks can hold in foreign units.
This was disclosed in a filing with the Ghana Stock Exchange (GSE) recently, which was obtained by our reporter over the weekend.
The corporate disclosure signed by the Company Secretary, Helen De Cardi Nelson, Access Bank (Ghana) Plc, stated that the outcome of the transaction reflects continued investor interest in Access Bank (Ghana) Plc and confidence in the long-term prospects of the Bank.
According to the release, the sale attracted strong participation from a well-diversified pool of investors, including pension funds, institutional investors and high-net-worth individuals.
Access Bank (Ghana) Plc, listed on the Ghana Stock Exchange, disclosed that its parent, Access Bank Plc, sold 12,085,318 ordinary shares representing 7.44% of the unit’s issued shares on July 15, 2026.
The sale went through the Ghana Stock Exchange with regulatory clearance, including a no-objection from the Bank of Ghana.
Buyers included pension funds, institutional investors, and high-net-worth individuals. IC Securities (Ghana) Ltd acted as adviser and executing broker.
Commenting on the deal, Managing Director of Access Bank (Ghana), Ms. Pearl Nkrumah, said the transaction deepens local ownership and liquidity in the bank’s shares, and keeps management focused on turning its scale into value for stakeholders.
Before the sale, Access Bank Plc held 93.40% of Access Bank Ghana, with the remaining 6.60% already in the hands of other shareholders from the unit’s GSE listing.
Stake sold: 7.44%; Estimated holding after the sale: 85.96%; Public and other investors: approximately 14.04%
Access Holdings therefore retains firm majority control of its Ghanaian unit; this is a partial dilution, not an exit.
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